The Music Industry has a vast array of business opportunities. When one take a closer look at the music industry, it’s as one of the most diverse industries when it comes to opportunities. The various departments or segments in the music industry literally translates into various business ventures. All the different segments or components can basically be turned into stand alone businesses if carefully invested in and properly managed.
If you are new to the music industry, you will be quick to misinterpret the title of this piece but if you have being in the music industry doing one thing or the other then its easy to understand. The big question, commonly asked when I hurled in this statement that sounds like a riddle, is that, “What is the difference between Music Industry and Music Business”? Sounds complicated right? But its not at all. Alas! there’s a straight forward and honest answer to the question. Wait for it!
What is the Difference Between Music Industry and Music Business?
Let me first of all say, “good question”. Now before we proceed, let’s find the difference between business and industry.
While trying to make sense of it all during my further research, I found out that a business is the act or activities of a person, group of persons or organisations that involves outsourcing, buying and selling of products or services for monetary gains. Or exchanging of goods and services with one another in a transaction that stands to benefit both parties.
On the other hand, an industry can simply be translated to mean the process of manufacture or production of goods and services. Industry is a combination of the people, persons, organisation or companies that carries out such production of goods or offering services.
So, in a nutshell, an industry produces the goods why the process of buying and selling those goods or services can be termed as the business. Hence, the business of music can fully be acknowledge as a formidable structure and pillar of the music industry.